The trend for the ranking is Stable.
The assigned ranking reflects these factors:
GLS' modest, albeit successful, asset resolution record that has centered on single-asset single-borrower (SASB) loans in commercial mortgage-backed securities (CMBS) transactions. Corresponding with SL Green's position as the largest office building owner/manager in
The Company's well-experienced and tenured senior-level managers who directly oversee every specially serviced asset. The team-based organizational approach leverages SL Green's resources and expertise for consultation on leasing, construction management, property management, market intelligence, and asset repositioning.
Adequate technology that relies on spreadsheet files used in tandem with purchased applications for data management, valuations/cash flow modeling, and property accounting. Unlike most special servicers, the Company does not have a singular or core asset management application. Through SL Green, GLS has overall acceptable protocols for data backup, recovery testing, and cybersecurity.
Proactive loan surveillance, thorough analytics, and acceptable approval controls based on GLS' stated practices, although its policies and procedures are not especially detailed or routinely updated every year.
GLS has thus far handled its CMBS reporting responsibilities in a satisfactory manner.
An acceptable audit function consisting of annual
As of
As of
All rankings are subject to surveillance, which could result in rankings being raised, lowered, placed under review, confirmed, or discontinued by Morningstar DBRS.
Morningstar DBRS North American commercial mortgage servicer rankings are not credit ratings. Instead, they are designed to evaluate the quality of the parties that service commercial mortgage loans. Although the servicer's financial condition contributes to the applicable ranking, its relative importance is such that a servicer's ranking should never be considered as a proxy of its creditworthiness.
Notes:
All figures are in
The principal methodology is North American Commercial Mortgage Servicer Rankings (
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